Bitmain Unveils Next Gen ASIC Chip For Mining Bitcoin, Bitcoin Cash

China-based bitcoin mining giant Bitmain Technologies Limited announced the launch of its energy efficient next generation 7 nanometer or nm ASIC chip for mining cryptocurrencies such as Bitcoin and Bitcoin Cash.

The mining hardware BM1397 is designed to bring a better mining experience and aims to set a new benchmark in ASIC chip technology.

In a statement, the company noted that BM1397 chip combines new chip design methodology and 7nm semiconductor manufacturing process. It enables faster and cheaper mining for cryptocurrencies that use the SHA256 algorithm for their Proof of Work or PoW. The chip is made using Taiwan Semiconductor Manufacturing Co. or TSMC's 7nm FinFET process.

According to the company, the new chip requires lower power and can offer an energy consumption to computing ratio as low as 30J/TH. This is a 28.6 percent improvement in power efficiency in comparison with its previous 7nm chip, the BM1391.

The BM1397 chip will feature in new Antminer models the S17 and T17 that will be announced by Bitmain at a later date.

Cryptocurrencies, like bitcoin, are mined by solving complex mathematical problems as a means to verify virtual currency transactions. The mining can be done with any processor, but application-specific integrated circuits or ASICs are used by serious miners for its speed benefits.

South Korean giant Samsung Electronics last year entered into making chips designed specifically for mining bitcoin and other digital currencies.